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Capital Mobility and Distributional Conflict in Chile, South Korea, and Turkey

Which type of capital mobility?Explaining capital account liberalization Currency convertibility in Argentina Capital flows, growth, and distribution Theories of institutional change Distribution and institutional change The logic of the comparative-historical analysis Case selection and data sources Boom, crash, restraint: The politics of taming capital flows in Chile Distributional conflict and neoliberal economic transformation Financial opening: boom and crash under unrestricted openness Boom Crash Explaining financial openness The reordering of political and economic power Recovery, export miracle, and its political consequences The rise of the export sector Recovery and growth based on export dynamism Ramifications: a solid export coalition and export-based growth Capital mobility restrained The end of the Pinochet regime and the priorities of the Concertacidn government Redistributive policies Surge in capital inflows Curbing capital inflows Explaining the restraints on capital mobility Conclusion Embracing hot money, rejecting cold money in South Korea Distribution, finance, and Korean development The political economy of Korean development The historical origins of the developmental alliance Distribution relations after the Korean war The beginnings of chaebols The leap forward and the state-big business pact The increasing preponderance of chaebols The developmental alliance under strain The politics of embracing hot money Distribution relations and the pre-liberalization structure of the Korean financial system The making of Achilles’ heel Playing with fire and the crisis Conclusion Premature financial opening and boom-bust cycles in Turkey Background: distribution relations and recurring balance of payments problems External liberalization The 24 January 1980 economic package and liberalization reforms The Motherland Party government Unorthodox liberalization, uneven growth, and the restructuring of the state capital account liberalization The 1987 referendum and political opening The exhaustion of rapid growth The rush to full convertibility Epilogue: neoliberal rent distribution Conclusion Interests, ideas, and diffusion Interests and domestic preferences Ideas Policy diffusion Distribution relations, neoliberalism, and institutional change Concluding words Appendix A: Distribution and economic growth Appendix B: Capital mobility and social interests Appendix C: Perils of capital account liberalization Appendix D: Measuring capital account openness Appendix E: List of interviewees Bibliography

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